Posted: Aug 14, 2013 8:55 AM by AP
JENNINGS, La. (AP) - The Jennings City Council has approved issuing $6 million in bonds for construction of a new city hall and city court and renovations to other departments.
Mayor Terry Duhon tells the American Press the public improvement sales tax revenue bonds will be issued by JD Bank at a 3.65 percent fixed interest rate for 20 years.
The city expects to have the money available by mid-September.
The bond debt will be repaid with revenues from a portion of the city's 25-year second penny sales tax renewed and rededicated by voters in December.
The first phase of the project, which is expected to take 14 months to complete, calls for relocating the mayor's office, finance department, water department and council chambers to the former Allwest building.